Recent news about the growing number of credit unions replacing "free" checking with checking accounts that include more value-added features is a clear indication that credit unions are listening to what their members really want. Consumers and credit union members want something of real value and they're willing to pay for it.

As recent articles published in 2019 have pointed out, many credit unions have seen the pitfalls of pushing "free checking." Often, members who have free accounts begin to feel "nickel-and-dimed" and misled due to fees such as check reorders, ATM transactions and overdrafts. Also, as stated by Ron Shevlin, a director of research for Cornerstone Advisors, "Free checking is not a springboard for a deeper relationship."

Furthermore, in 2018, Cornerstone Advisors published survey results that indicated millennials want and are willing to pay for non-financial services that come as valued-added features with their accounts at financial institutions. According to the study, the majority of millennials want value instead of free – especially when it comes to services that provide data and identity protection. These value-added services are excellent ways for credit unions to facilitate more profound relationships.